In the first 8 months of 2023, Vietnam - China import and export turnover exceeded 100 billion USD

A report from the Ministry of Industry and Trade shows that in the first 8 months of 2023, China was our country's second largest export market with an estimated export turnover of 35.79 billion USD, an increase of 0.1% over the same period last year.

Vegetables and fruits are the main export items to China.

On the other hand, China is still Vietnam's largest import market with an estimated turnover of 68.13 billion USD, down 17% over the same period last year.

China has been Vietnam's largest trading partner for many years. In 2018, the bilateral trade turnover between Vietnam and China reached 100 billion USD (according to statistics from the General Department of Customs), this is the first market to reach this record number.

Currently, China is an important market for many key export groups such as: Phones and components; computers, electronic products and components; machinery, equipment, tools and spare parts...

Notably, China is still the largest customer of Vietnamese fruits and vegetables, accounting for nearly 65% ​​of the turnover. In addition to the popular durian, jackfruit will soon be added to this market. China is also considering allowing Vietnamese fresh coconuts to be officially exported to the market.

According to the Ministry of Agriculture and Rural Development , China's lifting of lockdown measures to limit the spread of the Covid-19 epidemic has unleashed consumer demand. At the same time, the country has also implemented many strong economic policies to promote economic development, leading to increased import demand. The World Bank (WB) forecasts that China's economic growth will recover to 5.6% in 2023.

From now until the end of the year, agricultural exports to the Chinese market are forecast to maintain slight growth. Some product groups such as vegetables, rice, and cashews will still maintain high growth. Products that have declined sharply in the first 6 months of the year such as wood, seafood, and cassava may recover slightly in the last 3 months of the year.

In the coming time, in order for export activities to the Chinese market to recover and develop sustainably, the Ministry of Industry and Trade recommends that businesses, especially those producing and exporting agricultural products and food, pay attention to research and promptly complete registration procedures before exporting agricultural products and food to the Chinese market.

Coordinate with Chinese partners to diversify export routes through border gates, avoid concentrating on certain border gates or take advantage of the Vietnam - China sea transport and railway transport routes, minimizing the risk of congestion at border gates during peak season.

Carefully study information, signals, regulations and standards of the market, fully comply with conditions on business registration, quality standards, quarantine testing, packaging, traceability...

Increase participation in international fairs and exhibitions jointly organized by localities and central agencies of the two countries to enhance direct connections after the prolonged restrictions of the pandemic.

Vietnam - China import-export turnover in 2022 reached 175.56 billion USD, up 5.47% compared to 2021. Of which, exports to China reached 57.7 billion USD, up 3.18%; imports from China reached 117.8 billion USD, up 6.63%; trade deficit was 60.1 billion USD, up 10.18%.

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